Kaupthing Edge CHAPS Transfer

fredhaben

ggtim99 wrote: »

But the article says:

"Most of the 180,000 KSF and Heritable Bank customers will automatically have their compensation transferred to Dutch bank ING savings accounts, which has bought both banks out after they collapsed in recent weeks."

Basically, what happened is that the FSCS paid the £50,000 to which each of us entitled to ING Direct. The Treasury then topped that up to equal the total value of our balances with Kaupthing, less £5 million.

The net result is that the FSCS no longer has any liability to us (so we won't get any compensation from them). What we do have are accounts in ING Direct whose balances are equal to what we had with KE. That's the situation, and that is what the article is saying in a somewhat roundabout way.

blizeH

Hi,

I made a withdrawal from my Kaupthing account on ... the same day Icesave went down (still left a lot in there, but needed to withdraw some as I won't have access to my Icesave cash, didn't want to risk having to wait for both of them!) via regular BACS payment and still haven't got it in my Lloyds account. It left from my Kaupthing account around a week ago, so I'm just wondering if it's best to wait it out?

I'm not in a rush at all, and I have full faith in Kaupthing/ING so I'm not panicking either, just wondering if there's a chance the payment could of screwed up somewhere along the line and if I should chase it up.

Thanks

zaphod_beeblebrox_2

In all fairness Luke S, this thread is so long, questions will be duplicated !

blizeH

Hah, that's cool!

No worries then, glad it's not got lost is all, I'll probably end up putting it back in straight away anyway, haha.

ggtim99

fredhaben wrote: »

Basically, what happened is that the FSCS paid the £50,000 to which each of us entitled to ING Direct. The Treasury then topped that up to equal the total value of our balances with Kaupthing, less £5 million.

The net result is that the FSCS no longer has any liability to us (so we won't get any compensation from them). What we do have are accounts in ING Direct whose balances are equal to what we had with KE. That's the situation, and that is what the article is saying in a somewhat roundabout way.

Cheers. That's how I interperruted it. I know it's a matter of technicalities, but, we are not waiting for our 'original' cash anymore, we are waiting for our compnesation. Bloody typical

UnhappyHarry

Just tried to check my Nationwide account to see if by some freak chance that the money was there.

Not only is it not there, neither is Nationwide's website....

Hope that's temporary!

R4CHY_3

Terrysdelight wrote: »

I'm in a similar position - still waiting for my Chaps of Tuesday. I exchanged yesterday and need my money for completion.

Just been with my solicitor today and I posed a scenario to her - what if the same thing happens again, banks collapsing, but if it had the money needed to complete a sale - or even the clients money held in solicitors account. She said people are worried about this happening but the law society as yet, don't know how they would deal with it!

I hope your money comes through in plenty of time.

Cheers Terry, am just so worried at the moment. I am finding it hard to concentrate at work because I want to check the bank a/c all the time. Don't need the added complication of getting the sack for looking at the net and not working so will have to try and put it to the back of my mind.

BIG fingers crossed that your money arrives quickly too!

djrobe

shabba_shabba wrote: »

So we have over 2000 posts and over 100 pages on this topic and no one has a clue on whats happening. we are all just going around in circles,
- some say chill
- some want to panic
- some keep calling ING / KE an are being told the same thing over and over again
- etc etc

if open up a bank will all you transfer your cash into my bank LOL!!!!

spot on! lets open up a bank, get loads of deposits and then go bust, emigrate and start up another 100 pages and 2000 posts about how everyone is going to get their money back!

Squibbler

fredhaben wrote: »

Basically, what happened is that the FSCS paid the £50,000 to which each of us entitled to ING Direct. The Treasury then topped that up to equal the total value of our balances with Kaupthing, less £5 million.

The net result is that the FSCS no longer has any liability to us (so we won't get any compensation from them). What we do have are accounts in ING Direct whose balances are equal to what we had with KE. That's the situation, and that is what the article is saying in a somewhat roundabout way.

But how did they work the figures out so quickly - many people will not have had as much as 50K in there whilst others would have exceeded it and needed a top up. Would have thought the maths would have taken them a bit longer...?

swils_2

Nationwide up and running , try again